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Jensen Huang among world’s richest as Nvidia shares soar

Jensen Huang has added about $93 billion to his net worth in under 18 months, leaving him just three spots away from breaking into the ranks of the world’s 10 wealthiest people.

The Nvidia cofounder and CEO’s 3.5% stake in his company was worth less than $14 billion at the start of last year. With a fortune of that size now he’d barely crack the top 150 on the Bloomberg Billionaires Index.

Since then, Nvidia stock has skyrocketed from below $150 to north of $1,200 — an increase of more than 700%. The chipmaker’s market capitalization just passed $3 trillion for the first time, leapfrogging Apple to become the world’s second-largest public company after Microsoft ($3.15 trillion).

Huang now ranks 13th on Bloomberg’s rich list with a $107 billion fortune. Only Michael Dell ($109 billion), Mukesh Ambani ($109 billion), and Warren Buffett ($135 billion) stand between him and a top 10 spot.

Bernard Arnault, the CEO of LVMH, remains top of the list with a $212 billion fortune — $8 billion more than Jeff Bezos.

Nvidia and Huang have seen such sensational gains because of the artificial intelligence craze. Companies like Microsoft, Tesla, and Meta are buying Nvidia’s graphics processors by the truckload as they rush to build everything from AI-powered chatbots and recommendation systems to self-driving cars and humanoid robots.

The demand boom fueled a huge rise in Nvidia’s revenue to $26 billion, and pushed net income to $14.9 billion in the three months to April 28.

By comparison, Meta’s revenue was $36.5 billion and net income $12.4 billion in the first quarter of this year.

Investors have piled into Nvidia stock because they’re convinced AI is transforming the world, and the chipmaker will play a critical role in powering the revolution.

As a byproduct of that belief, Huang’s wealth has grown by roughly eightfold in under 18 months. Business Insider

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